1st Constitution Bancorp

Lakeland Bancorp Announces Quarterly and Year-End 2023 Earnings

Retrieved on: 
Thursday, January 25, 2024

I want to thank all of the Lakeland associates for their incredible contributions and unwavering customer support during this uncertain period."

Key Points: 
  • I want to thank all of the Lakeland associates for their incredible contributions and unwavering customer support during this uncertain period."
  • Net interest income for the fourth quarter of 2023 of $65.3 million decreased $16.3 million compared to the fourth quarter of 2022.
  • Gain on equity securities increased from $11,000 in fourth quarter 2022 to $391,000 in fourth quarter 2023.
  • Lakeland Bancorp remains above regulatory “well capitalized” standards, with a Tier 1 leverage ratio of 9.27% at December 31, 2023.

Lakeland Bancorp Announces Third Quarter Results

Retrieved on: 
Thursday, October 26, 2023

Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.

Key Points: 
  • Net interest margin for the third quarter of 2023 decreased 15 basis points to 2.68% from 2.83% in the prior quarter and decreased 60 basis points from 3.28% in the third quarter of 2022.
  • Nonperforming assets decreased 27% to $13.4 million, or 0.12% of total assets, for the third quarter of 2023 compared to $18.4 million in the third quarter of 2022 and $16.1 million in the linked quarter.
  • Net interest income for the third quarter of 2023 of $68.9 million decreased $11.4 million compared to the third quarter of 2022.
  • The cost of interest-bearing liabilities for the third quarter of 2023 was 2.96% compared to 0.94% for the third quarter of 2022 and 2.59% for the second quarter of 2023.

Lakeland Bancorp Announces Second Quarter Results

Retrieved on: 
Thursday, July 27, 2023

Net interest margin for the second quarter of 2023 decreased 24 basis points to 2.83% from 3.07% in the prior quarter and decreased 55 basis points from 3.38% in the second quarter of 2022.

Key Points: 
  • Net interest margin for the second quarter of 2023 decreased 24 basis points to 2.83% from 3.07% in the prior quarter and decreased 55 basis points from 3.38% in the second quarter of 2022.
  • Nonperforming assets decreased 27% to $16.1 million for the second quarter of 2023 compared to $22.2 million in the second quarter of 2022 and $16.9 million in the linked quarter.
  • Net interest income for the second quarter of 2023 of $71.5 million decreased $8.8 million compared to the second quarter of 2022.
  • The cost of interest-bearing liabilities for the second quarter of 2023 was 2.59% compared to 0.40% for the second quarter of 2022 and 2.11% for the first quarter of 2023.

Lakeland Bancorp Announces First Quarter Results

Retrieved on: 
Thursday, April 27, 2023

Net interest margin for the first quarter of 2023 increased to 3.07% compared to 3.02% in the first quarter of 2022 and decreased from 3.28% in the linked quarter.

Key Points: 
  • Net interest margin for the first quarter of 2023 increased to 3.07% compared to 3.02% in the first quarter of 2022 and decreased from 3.28% in the linked quarter.
  • Nonperforming assets decreased 14% to $16.9 million for the first quarter of 2023 compared to $19.7 million in the first quarter of 2022 and $17.4 million in the linked quarter.
  • The yield on interest-earning assets for the first quarter of 2023 was 4.56% as compared to 3.25% for the first quarter of 2022 and 4.31% for the fourth quarter of 2022.
  • The cost of interest-bearing liabilities for the first quarter of 2023 was 2.11% compared to 0.34% for the first quarter of 2022 and 1.50% for the fourth quarter of 2022.

Lakeland Bancorp Announces Record Quarterly and Year-End 2022 Earnings

Retrieved on: 
Thursday, January 26, 2023

Thomas Shara, Lakeland Bancorp’s President and CEO commented, "2022 was an exceptional year for Lakeland Bancorp despite the economic uncertainty and rapidly changing interest rate conditions.

Key Points: 
  • Thomas Shara, Lakeland Bancorp’s President and CEO commented, "2022 was an exceptional year for Lakeland Bancorp despite the economic uncertainty and rapidly changing interest rate conditions.
  • We finished 2022 with record quarterly and annual earnings and total asset growth of 32%.
  • Premises and equipment expense in 2022 increased $6.1 million due to the same reason discussed in the quarterly comparison.
  • Lakeland Bancorp remains above FDIC “well capitalized” standards, with a Tier 1 leverage ratio of 9.16% at December 31, 2022.

Lakeland Bancorp Announces Date for First Quarter Earnings and Conference Call

Retrieved on: 
Thursday, April 7, 2022

A copy of the earnings release will be immediately available on its website.

Key Points: 
  • A copy of the earnings release will be immediately available on its website.
  • The Company also announced that it will host an earnings conference call on Thursday, April 28, 2022 at 10:00 a.m.
  • The conference call toll-free dial-in number is (844) 200-6205 and the toll-free international dial-in number is (833) 950-0062.
  • At December 31, 2021, Lakeland Bancorp, Inc. had $8.20 billion in total assets.

Lakeland Bancorp Announces Date for Fourth Quarter Earnings and Conference Call

Retrieved on: 
Friday, January 14, 2022

OAK RIDGE, N.J., Jan. 14, 2022 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the Company) announced that it expects to report earnings for the fourth quarter ended December 31, 2021, on Wednesday, January 26, 2022 before the market opens.

Key Points: 
  • OAK RIDGE, N.J., Jan. 14, 2022 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (the Company) announced that it expects to report earnings for the fourth quarter ended December 31, 2021, on Wednesday, January 26, 2022 before the market opens.
  • The Company also announced that it will host an earnings conference call on Wednesday, January 26, 2022 at 10:00 a.m.
  • The conference call toll-free dial-in number is (844) 200-6205 and the toll-free international dial-in number is (833) 950-0062.
  • At September 30, 2021, Lakeland Bancorp, Inc. had $8.17 billion in total assets.

Lakeland Bancorp, Inc. Completes Merger with 1st Constitution Bancorp

Retrieved on: 
Thursday, January 6, 2022

OAK RIDGE, N.J., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (Lakeland) announced that its acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) (1st Constitution) was completed effective January 6, 2022.

Key Points: 
  • OAK RIDGE, N.J., Jan. 06, 2022 (GLOBE NEWSWIRE) -- Lakeland Bancorp, Inc. (NASDAQ: LBAI) (Lakeland) announced that its acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) (1st Constitution) was completed effective January 6, 2022.
  • EffectiveJanuary 6, 2022, 1st Constitutions wholly-owned subsidiary,1st ConstitutionBank, was merged into Lakeland Bank.
  • We are excited to welcome the customers, employees, and shareholders of 1st Constitution to the Lakeland team.
  • Raymond James & Associates served as financial advisor and Day Pitney LLP provided legal counsel to 1st Constitution.

Lakeland Bancorp, Inc. and 1ST Constitution Bancorp Announce Final Regulatory Non-Objection in Connection with Proposed Merger

Retrieved on: 
Monday, December 13, 2021

The companies have now received all regulatory approvals and non-objections in connection with the proposed merger.

Key Points: 
  • The companies have now received all regulatory approvals and non-objections in connection with the proposed merger.
  • The closing of the proposed merger remains subject to certain customary closing conditions.
  • Lakeland Bancorp, Inc. has an extensive branch network and commercial lending centers throughout New Jersey and in Highland Mills, New York, and offers business and retail banking products and services.
  • Neither Lakeland nor 1st Constitution assumes any obligation for updating any such forward-looking statements at any time.

Lakeland Bancorp, Inc. and 1st Constitution Bancorp Announce Final Regulatory Non-Objection in Connection with Proposed Merger

Retrieved on: 
Monday, December 13, 2021

The companies have now received all regulatory approvals and non-objections in connection with the proposed merger.

Key Points: 
  • The companies have now received all regulatory approvals and non-objections in connection with the proposed merger.
  • The closing of the proposed merger remains subject to certain customary closing conditions.
  • 1st Constitution is proud to be recognized by Newsweek Magazine as the Best Small Bank in New Jersey!
  • Neither Lakeland nor 1st Constitution assumes any obligation for updating any such forward-looking statements at any time.